571 Richland Street

    Upland, CA 91786
    • $4,200,000
    • STATUS: Active
    • ON SITE: 201 days
    • ID#: IV18285184
    UPDATED: 20 min ago
    $4,200,000
    • 0
      BEDS
    • 0.42
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 16,719
      SQFT
    • $251
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1965
    County:
    Area:

    School Ratings & Info

    Description

    Property Highlights; Competitive Offering Actual CAP Rate of 4.24 % / Attractive Market ProForma CAP Rate of 4.85 %, Actual GRM of 14.63, With a ProForma GRM of 13.51, Over $100,000 in capital expenditures invested in fully renovating 9 units, new copper plumbing (Type L), and shut off valves installed for the upper and lower units. Conservative 5-7 % Upside in Potential Rental Income Non-Rent Control Community & Area. Long Term Tenants With Upside in Potential Rental Income The Apartment is 100 % Occupied & Rental Comparables Illustrate a 98% Occupancy Area. Turn Key Financeable Asset. The Richland Apartments consist of (1) 1-bedroom 1-bath unit and (18) 2-bedroom 1-bath units on a 18,295 square foot lot. The two bedroom units are large and open being nearly 945 square feet each. The asset provides tenants with secured carport parking, storage, updated landscaping and an onsite laundry facility. The property is conveniently located near San Antonio Community Hospital which is the largest employer of Upland. Edison Elementary and Upland High School are within walking distance from this location. Public transportation such and the Upland Metrolink and Ontario Airport are conveniently located minutes away from the Richland Apartments.

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    Based on information from California Regional Multiple Listing Service, Inc. as of 2019-06-24T19:36:33.78. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. Licensed in the State of California, USA.
    www.hellerthehomeseller.com/homes/89844085

    571 Richland Street Upland, CA 91786

    • Price: $4,200,000
    • Status: Active
    • Updated: 20 min ago
    • ID#: IV18285184
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.42
    Acres
    16,719
    SQFT
    $251
    $/SQFT
    1965
    Built
    Neighborhood:
    690 - Upland
    County:
    San Bernardino
    Area:
    690 - Upland
    Property Description
    Property Highlights; Competitive Offering Actual CAP Rate of 4.24 % / Attractive Market ProForma CAP Rate of 4.85 %, Actual GRM of 14.63, With a ProForma GRM of 13.51, Over $100,000 in capital expenditures invested in fully renovating 9 units, new copper plumbing (Type L), and shut off valves installed for the upper and lower units. Conservative 5-7 % Upside in Potential Rental Income Non-Rent Control Community & Area. Long Term Tenants With Upside in Potential Rental Income The Apartment is 100 % Occupied & Rental Comparables Illustrate a 98% Occupancy Area. Turn Key Financeable Asset. The Richland Apartments consist of (1) 1-bedroom 1-bath unit and (18) 2-bedroom 1-bath units on a 18,295 square foot lot. The two bedroom units are large and open being nearly 945 square feet each. The asset provides tenants with secured carport parking, storage, updated landscaping and an onsite laundry facility. The property is conveniently located near San Antonio Community Hospital which is the largest employer of Upland. Edison Elementary and Upland High School are within walking distance from this location. Public transportation such and the Upland Metrolink and Ontario Airport are conveniently located minutes away from the Richland Apartments.
    Exterior Features

    Carport Spaces 18.00 Construction Materials StuccoWood Siding Fence YN Yes Fencing Good ConditionWoodWrought Iron Garage Spaces 0.00 Lot Features 16-20 Units/AcreFront YardLandscapedLawnRectangular LotPavedSprinklers Drip System Lot Size Source Assessor Lot Size Units Square Feet Parking Total 18.00 Pool Features None Pool Private YN No Property Attached YN Yes Road Surface Type MaintainedPaved Roof Composition

    Interior Features

    Appliances Gas Cooktop Appliances YN Yes Average Studio Area Units Square Feet Average1 Bed Area 654 Average1 Bed Area Units Square Feet Average2 Bed Area 945 Average2 Bed Area Units Square Feet Average3 Bed Area Units Square Feet Common Walls 2+ Common Walls Cooling Wall/Window Unit(S) Cooling YN Yes Heating Wall Furnace Heating YN Yes Interior Features Copper Plumbing Full Laundry Features Community Levels Two

    Property Features

    Additional Parcels YN No Building Area Units Square Feet Cap Rate 4.85 Community Features SidewalksSuburban Country Us Electric Expense 1080.00 Elevation Units Feet Fuel Expense 540.00 Gardener Expense 3911.00 Gross Income 310800.00 Gross Multiplier 13.51 Gross Scheduled Income 310800.00 Insurance Expense 1916.00 Land Lease YN No Laundry YN Yes Maintenance Expense 19644.00 Net Operating Income 203812.00 New Construction YN No New Taxes Expense 50228.00 Number Of Separate Electric Meters 18 Number Of Separate Gas Meters 18 Number Of Separate Water Meters 1 Operating Expense 104624.00 Professional Management Expense 9253.00 Rent Control YN No Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Total Expenses 104624.00 Trash Expense 4140.00 Utilities Sewer Connected Water Sewer Expense 5040.00 Water Source Public Year Built Source Assessor

    Listing provided courtesy of Albert Le of Le Investment Group


    Based on information from California Regional Multiple Listing Service, Inc. as of 2019-06-24T19:36:33.78. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. Licensed in the State of California, USA.
     
    Heller The Home Seller | Keller Williams Realty
    171 Saxony Road, Ste. 205
    Encinitas CA, 92024